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Symantec $425 mln convertibles talked at 3.25%-3.75% yield, up 25%-30%
By Ronda Fears
Nashville, Tenn., Oct. 17 - Symantec Corp. launched $425 million of five-year convertible subordinated notes late Wednesday with pricing guidance of a 3.25% to 3.75% yield and 25% to 30% initial conversion premium. Credit Suisse First Boston is lead manager of the Rule144A deal, which is scheduled to price after the market close Thursday.
The five-year convertible subordinated notes will be non-callable for three years. There is a $75 million greenshoe. Cupertino, Calif.-based Symantec, a content and network solutions firm, said proceeds would be used for general corporate purposes, including working capital, potential acquisitions, stock repurchases and investments in the company's infrastructure.
Symantec common shares closed Wednesday down $2.68 to $47.81.
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